IMPS or Immediate Payment Service is one of the fastest and easiest methods to transfer funds from one account to another. IMPS is an instant interbank electronic fund transfer facility that is used by millions of people across the country to transfer funds. Unlike NEFT transfers, funds are immediately transferred in IMPS transfers regardless of bank timings and holidays. Indian Overseas Bank is one of the leading banks in India that offer IMPS facility to its customers. If you are an Indian Overseas Bank customer looking for information about their IMPS services, read on.
Eligibility for the Indian Overseas Bank IMPS Fund Transfer
All Indian Overseas Bank account holders can opt for the IMPS facility. Customers should register their mobile number with Indian Overseas Bank to enjoy this service. Other eligibility criteria to avail the Indian Overseas Bank IMPS fund transfer facility are:
- Customers should have a valid MMID linked to their primary account.
- Should have an MPIN to facilitate a transfer from one account to another.
Benefits of using Indian Overseas Bank IMPS Fund Transfer
- User-friendly service.
- Immediate transfer of funds to the beneficiary’s account.
- 24x7 access to IMPS.
- Can be used even on bank holidays.
- Can be used after banking hours.
- Any customer with a bank account can use IMPS.
- Link more than one bank account to the same mobile number with separate MMIDs.
- Saves a lot of time as beneficiary receives the funds immediately.
- Charges include Rs.5 for transactions up to Rs.1 lakh and Rs.15 for transactions between Rs.1 lakh and Rs.2 lakh.
- 24/7 customer care service available for all Indian Overseas Bank customers.
- Customers can use the IMPS facility to pay utility bills, DTH top-up, clear credit card bills, pay education fees, to purchase travel tickets and groceries.
Features of Indian Overseas Bank IMPS Fund Transfer
Some of the features of the Indian Overseas Bank IMPS Fund Transfer facility are:
- This facility is available only on mobile banking and internet banking.
- Confirmation alerts will be sent to both remitter and recipient.
- There are currently no charges levied for this service.
- Customers can transfer up to Rs.50,000 using the IMPS fund transfer facility.
- Customers should use their Mobile Money Identifier (MMID), their mobile number, or bank account number and Bank’s IFSC code to initiate a transfer.
- Both the remitter and recipient will receive a message confirming the transaction after every successful transaction.
- This feature can be accessed on your android device, android tablet, iPhone, or Windows tablet.
How to transfer money by using Indian Overseas Bank IMPS Fund Transfer
Please follow any one of the following methods to transfer funds using IMPS transfer facility:
- Log in to Indian Overseas Bank official website with your credentials.
- Navigate to the “Fund Transfer” option.
- Please select ‘IMPS Funds Transfer’
- From the drop down of beneficiaries, please choose the beneficiary you wish to send the funds to.
- Enter the amount and confirm the transaction.
- Once the transfer is successful, you will receive a confirmation from the bank via SMS and email.
- Download the Indian Overseas Bank Applicable on your smartphone.
- Log on to Indian Overseas Bank mobile banking app using your credentials.
- Choose the ‘Fund Transfer’ option and select ‘Other Bank using IMPS’.
- Choose ‘Using IFSC/AC No.’ to transfer funds using IFSC code.
- Choose the beneficiary, enter the amount to be sent, make any remarks and confirm the transaction.
- Once the transaction has gone through, you will instantly receive a confirmation message for the transaction.
Beneficiary details required for Indian Overseas Bank IMPS
You will need the details mentioned below to transfer funds using the Indian Overseas Bank IMPS facility:
- Beneficiary’s bank account number and bank branch IFSC code.
- Beneficiary’s mobile number
- Beneficiary’s MMID (Mobile Money Identifier).
- Beneficiary's IFSC code.
Indian Overseas Bank IMPS FAQs
How do I get my MMID?
When you register for mobile banking, you will receive a 7-digit MMID with your primary account details. The MMID will be sent to you via SMS to your mobile number.
What should I do If my mobile banking registration failed at an ATM?
You will have to walk into the nearest Indian Overseas Bank branch office if your mobile banking registration failed at an ATM.
Is there a limit on the number of transactions I can carry out in a day?
You can transfer funds using IMPS as many times as you want. However, the maximum amount you can transfer is capped at Rs.50,000 per day.
I am unable to add a second beneficiary. What is the issue?
You can add and approve only one beneficiary in one calendar day. The beneficiary will be activated within 4 hours if you made the approval between 6:00 a.m. and 8:00 p.m. (IST). Beneficiaries added after this slot will be activated the next day post 8:00 a.m. Please try after 24 hours.
Can IMPS facility used to transfer money overseas?
No, the IMPS service cannot be used to transfer funds abroad. It can only be used to transfer money to IMPS member bank accounts within India.
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